Skip to main content

tv   Varney Company  FOX Business  August 31, 2012 9:20am-11:00am EDT

9:20 am
rgo. together we'll go far.
9:21 am
>> breaking news, 7.9 magnitude quake hits the philippines region, a tsunami warning has been issued. more news when it comes in. the markets look like they'll open sharply higher. why? is it high hopes for ben printing more money or are they getting a bump from governor romney's pro business speech last night. we have peter barnes at the top of the hours. the futures, a gain of 80, 90 points, forecast expected for 9:30 when the markets open up. we're just now getting several published reports that mitt romney will visit new orleans later today and he'll tour the storm damages from isaac. after that, romney and paul ryan campaign in virginia, obviously,
9:22 am
a key swing state. according to rasmussen, remains a dead heat and president obama and mitt romney tied as of now at 47. this is in virginia. and back in 2008, 52.7% of the vote is in that state went for prime minister, 46.4 for mccain. in this year's election the state is clearly in play. and pete snyder, the chairman of virginia victory 2012 joins us from tampa. all right, pete, in virginia you've got a lot of federal workers, you've got a lot of high paid elite types who always go left. tell me why you think virginia-- stp laughing. you tell me why you think virginia swings to romney this time around? >> in virginia, it's all about the economy and governor bob mcdonnell has done a great job, but the policies of barack obama has been dreadful for the virginia economy. shut down chance of exploring
9:23 am
our energy resources off the coast of virginia, costing hundreds after thousands of jobs to the commonwealth. the dance on dequestions strayings and gutting of our military will cost at least 250,000 jobs in virginia. when you look at 2009, governor mcdonnell won over a democrat that tried to create a war on women. virginia voters are smart, they're focused, focused on the economy and that's why we're trending in the right direction right now. stuart: you just mentioned off shore drilling, off the shoreline of virginia, now, that's a subject near and dear to the hearts of our viewers, big on this. are you telling me that governor mcdonnell of virginia would have off shore drilling if the feds allowed it, if it became president obama? and if this is what you want in virginia? because it's not the same in some other, you know, atlantic seaboard states. >> oh, absolutely, stuart. virginia voters want, you know, economic or excuse me,
9:24 am
ecologically friendly off shore drilling, we have unbelievable resources in the commonwealth in virginia, from coal in southwest virginia where barack obama and his policies, epa are shutting down coal mines to coastal virginia and hanson road where we can be tapping our natural resources and governor mcdonnell and george allen have been pushing for years and the barack obama administration clamped down and said no. it's a disaster for virginia's economy. >> what's trend in the polls? we said that rasmussen puts you in a dead heat. what is the trend toward romney or what? >> absolutely, stuart, the trend for the past four months in a row, up ticked for romney and cratering for obama ap romney winning over not only independents, but undecided voters. stuart: wait a second, wait a second. cratering at 47. you can't say cratering, come on. >> well, when you look at his -- married women, his numbers among
9:25 am
married women are down 50% of what they were before. and if you look at the coalition that barack obama used in 2008 to win, he's down by 30% to 50% with key demographics, 18 to 35 year olds, married women. so, those are the numbers, stuart and it's looking good for the romney-ryan ticket in virginia. >> pete snyder, we thank you for joining us, we appreciate it, come and see us again. >> you've got it, stuart. >> we've got big automakers making headlines today. gm, the volt, and ford with a focus, we're following both of those stocks at the opening bell and ed butowsky, what's giving the markets a bump, romney or-- ments president obama promised to give rise to the oceans--
9:26 am
and to heal the planet. my promise is to help you and your family. [cheers] want to try to crack it? yeah, that's the way to do it! now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you.
9:27 am
it's how we help you choose the right humana medicare plan for you. because when your medicare is taken care of, you can spend more time sharing your passions. wow. [ giggles ] [ male announcer ] with the people who matter most. i love you grandpa! i love you grandma! now you're a real fisherman. [ male announcer ] humana. ♪ i can do anything ♪ i can do anything today ♪ i cano anywhere ♪ i can go anywhere today ♪ la la lla la la la [ male announcer ] dow solutions help millions of people by helping to make gluten free bread that doesn't taste gluten free. together, the elements of science and the human element can solve anything solutionism. the new optimis
9:28 am
tdd#: 1-800-345-2550 hours can go by before i realize
9:29 am
tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important to me. tdd#: 1-800-345-2550 it's packed with tools that help me work my strategies, tdd#: 1-800-345-2550 spot patterns and find opportunities more easily. tdd#: 1-800-345-2550 then, when i'm ready... act decisively. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 with the exact same tools, the exact same way. tdd#: 1-800-345-2550 and the reality is, with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 ...until i choose to focus on something else. tdd#: 1-800-345-2550 trade at schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade tdd#: 1-800-345-2550 up to 6 months commission-free online equity trading tdd#: 1-800-345-2550 with a $50,000 deposit. tdd#: 1-800-345-2550 call 1-800-653-0240 tdd#: 1-800-345-2550 and a trading specialist tdd#: 1-800-345-2550 will help you get started today.
9:30 am
>> and probably going to like the opening bell this morning, the dow is it going up maybe 80, 90 points. a big drop yesterday and now the bounce. speculations about the european, sorry, we're back to that, are they going to print and print big next week? the market thinks so, up goes the market. could be that ben will print. we will know in precisely 30 minutes and could be a romney rally. the dow will open this morning and yesterday opened on the up side. we're expecting 80, 90 points in the first couple of minutes in business well above 13,000, we've got general motors saying yesterday, it expects to sell more than 2500 chevy volts in august. and that will be the best month ever for that green hybrid car. and so lauren, you're on the floor, where is gm stock? >> the stock is up. general motors shares are above $21 for a gain of nearly 1%. stuart: whoop-de-doo.
9:31 am
i threatened to buy a volt in august, i did not. i'm not part of that market. and move on to ford, specifically the focus, it's close to overtaking the toyota corolla as the number one selling car in the world and that's a big deal. i can't remember a ford model being number one in the world before. it's not made much difference to the stock though, lauren. >> no, it's up 3/4 of 1%. but in the first half the year, worldwide, the focus was the number one seller and now they have to do it in the second half of the year as well. here there are a lot more focuses than corollas. >> in the first half the year focus was number one. >> best seller in january, 490,000 sold. stuart: on track for a million for the year. lauren, thanks indeed. your attention to facebook, hit a new all time low and what exactly was that? i'm trying to check and up on the screen one second. could be below 18.55.
9:32 am
okay, that's right around the all time low. 18.55 was the low right around that level as of now. and now look at gas prices, still rising, by the way. up slightly overnight and the national average for regular is 3.82. and look at diesel, 4.09, that's what you put in trucks to take the stuff around the country and keep in mind that gas is up a dime this week alone, that's isaac legacy for everyone whether you're in the storm's path or not for the week. and regular was up, yeah, 10 cents a gallon. there you are. what's giving the markets a pop this morning? are investors pinning their hopes on ben firing up the printing presses again. and groundhog day? i'm sorry, was it governor romney's pro business speech last night? which is it? joining us, ed butowsky with chapwood investment. i'm sorry, ben printing or romney rally? >> it's a combination of thing. first off, europe has a big play
9:33 am
in this. you're hearing a lot of talk about bond buying and europe has a play in it. let's remember this, the stock market right now is 20% under the fair market value. >> what do you mean, fair market? who says this is the fair market value? >> and all right. >> you're making a value judgment there? >> no, statistic, when you look at the interest rates are, the stock market should go 20% over fair market value and right now it's 20% under. i believe this pop right now has a lot to do with the idea that romney is gaining momentum and go to go come in and win that election. i believe that's going to happen and when it does i believe at that stock prices should get a 15, 20% bounce as a result of romney. stuart: you really think-- no question. stuart: you think that traders, guys who trade the big bucks, if they wake up this morning and i like that romney speech and i like those polls, i think he's going to win, buy. really? >> i don't know if they wake up this morning and do that. they wake up this morning and think i have a long weekend
9:34 am
ahead of me, a lot of the traders, what they're thinking, are they starting to see a recovery that we should see? the corporations have worked their tails off. lean and mean and running well. why in the world are stock prices 20% below fair market value? one reason, the policies of president obama and the democrats. and if there is an idea that we're going to get a change, you're going to start seeing that market move. stocks should be 20% overvalued and they're 20% undervalued and there's one reason and that's because of the policies that we have in place today. stuart: are you talking up your politics? i know you're on the right and i know you want a romney victory. is this kind of wishful thinking and you're talking up the market, what you think is going to happen. >> no, i'm talking facts. the facts are my friend and truth is stocks of 20% overvalued in-- we saw a correction.
9:35 am
and-- >> i want you to listen to this from governor romney last night. roll it, please. >> in the richest country in the history of the world, this obama economy has crushed the middle class and family income has fallen by $4,000, but health insurance premiums are higher. food prices are higher. utility bills are higher. and gasoline price, they've doubled. today, more americans wake up in poverty than ever before. nearly one out of six americans is living in poverty. look around you, these aren't strangers, these are our brothers and sisters and fellow americans. his policies have not helped create jobs they've depressed them. stuart: has he been reading the chapwood index? he's singing your song. >> he is. when we hear printing everybody needs to know every person needs to understand when you hear quantitative easing and printing of money what you should hear the costs of what i use every day has just gone up.
9:36 am
gas prices and food and every single thing. don't get lost in the rhetoric, get lost in the idea everything you do just got more expensive. stuart: and the downs average just went up 100 points from the opening bell, took us about 20 minutes. we're there, up 100. five minutes, i'm sorry. they're listening to you, ed. a romney rally. thanks, ed butowsky, we'll see you after the holiday. >> thank you. stuart: time is money, so, in 30 seconds here is what else we're watching for you. a whole lot going on today. look at this, a major cheating scandal at harvard. 125 students involved. they collaborated on a take home exam. we will have a lot more on that one. for a lot of americans, friday nights mean high school football and season opens for the allen eagles in texas. wait until you see their new football field and wait until you find out how much it costs, you will not believe it. and scranton gets a loan allowing it to pay city workers,
9:37 am
is that kicking the can down the road and controlled by unions, what will they want in return? scranton on the brink. back to lauren, facebook, where is it, please? >> a new look, stuart. 18.37, down more than 3%. and bemo capital markets $15 price target from $25, the rating stays at underperform, but that is ugly, a dime above a historic low. remember, the people on may 18th, ipo day, who got it at $45 a share. stuart: who would have thought. >> i know. stuart: that facebook would have been cut in half from may to the last day of august? who would have thought that? i certainly didn't. i couldn't see that one coming. lauren, thank you very much indeed. the dow is now up 120 points, that's a rally, ladies and gentlemen. what is it, ben's rally, romney's rally or european rally? we want to hear from you,
9:38 am
varney@foxbusiness.com. and i've got seven early movers, the software maker, splunk, raised its outlook raised 16%. and the retailer zumiez is down. groopon a new low closing and down a bit more this morning, 4.16. upbeat for faic and it's up 5%. the chip maker known as omni vision took in more than expected and means a 10% raise for that stock. every day for the past month we've seen big gains in individual stocks. we've got the midwestern retailer that gave a down beat forecast and look at that, that's down 18%. the ford focus as we reported, about to replace the toyota corolla as the number one selling car in the world and ford stock is up a whopping percent. that's it, down 118. earlier this week we brought you
9:39 am
the story of the acting mayor of cosa mesa, california and after he came out guns the police unions. he says that union thuggery is going on all over southern california. next, on this latest union tactic, which the mayor described for us on "varney & company." and watch this. >> what's happened, i've gotten calls from all over southern california of the cities and council people and city managers who have been just shaken down. the intimidation is unbelievable. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process --
9:40 am
from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... you know how hard if yit can be to breathedo, ♪ the one and only, cheerios and what that feels like. copd iludes chronic bronchitis and emphysema. spiva helps corol my copd symptoms by keeping my airways open a full 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. and it's steroid-free
9:41 am
spiriva does not replace fast-acting inhalers for sudden symptoms. tell yr doctor if you have kidy problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you ta, even eye drops. stop taking spiriva and seek immediate medical help if yr breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing ure. other side effects include dry mouth and constipation. nothing can reverse copd. spiriva helps me breathe better. does breathing with copd weigh you down? ask your doctor if spiriva can help.
9:42 am
9:43 am
>> live video. there we have him.
9:44 am
that's ben bernanke hiding hine the screen, that's him about to go into the conference hall where he'll deliver his remarks and we'll find out exactly what he's going to say at precisely 10:00. there we go, he's beginning the walk, cue the walk by the chapman, most powerful central banker, and we'll find out right at 10:00 precisely whether he'll print money to stimulate the economy, and the best on the market that he will be printing, why the dow is up triple digits. more breaking news, mitt romney is now back ahead in the daily rasmussen poll. romney 45 and president obama 44. and now shows a swing to romney. to the big board, and a bet that ben bernanke is going to print. the dow is up 111 points. if he prints, the dollar goes down, up goes stock and by the way up goes oil.
9:45 am
up $1 a barrel and the mayor of costa mesa says he's the victim of union thuggery, he says that a private investigator working for the police union placed a 911 call falsely accusing him of being drunk and the police came to his house and gave him a sobriety test and he passed, but he says the tactics are widely used by the unions. >> what's happened, i've gotten calls from all over california from theski council people, from city managers just shaken down and the intimidation is unbelievable. one of the final things on the play book to tell you as a police officer or a union representative to go ahead and get what you want, focus on an individual, avoid spreading your energy and focus on a city manager or council person and keep the pressure on until that person assures his loyalty and then move on to the next victim. e all right. joining us now is the union watcher.
9:46 am
vincent. a lot of people do not like municipal unions because there are both sides of the table in contract negotiations and they elect the officials they're going to negotiate with. and that's an entirely separate thing. what we talk about here looks to me like flat-out intimidation. what do you say? >> that's right. i mean, that's what it appears, and still waiting for facts to come to light. we don't know exactly what he is going on there. but if the allegations are, this is typical that we uncover the intimidation manual back on this show, a death of a constant cuts, constant lawsuits, allegations to get them to bend to the union's will and now it's coming over to the government sector. >>, but it's not illegal, is it? you and i may think of it as unethical. okay, we don't like intimidation, but there's nothing illegal about doing this
9:47 am
kind of thing. what we should be doing is exposing it when we know that it's happening. >> you know, you are exactly correct and we have to shine a big spotlight on this because unions have special carve outs and waivers, they can't be accountable to certain laws like you and i can, and use these privileges and exceptions to harass people to bending them to their will and if i can digress for one second, we're seeing this in measured michigan right now, and they're trying to get on the ballot, and it's in front of the supreme court and just offer the weekend before the supreme court even heard the case, the unions were saying if the supreme court doesn't rule in their favor they're going to take the 8 million they raised for the ballot measure and spend it on the reelection to the-- if you want to talk about
9:48 am
chutzpa and intimidation there. >> i want to follow this story especially in southern california the allegation is that this activity is widespread and i want to find out if that's true. vincent, thank you. 9:48, almost. here is your morning gold report. we're hovering around the 1660 level for one ounce of gold. we've been pretty constant since the breakout owe secured a couple of weeks ago. perhaps the most talked about part of the republican convention is from eastwood's appearance, bizarre as it was, some called it bizarre, including hill talking it an empty chair supposedly occupied by president obama. what did monica crowley and charles payne think about it. >> everybody's crying, and oprah was crying and i was even crying, and then finally, i
9:49 am
haven't cried that hard since i found out that, that there's 23 million unemployed people in this country. people with a machine.
9:50 am
what ? customers didn't like it. so why do banks do it ? hello ? hello ?! if youbank doesn't let you talk to a real perso24/7, you need an ally. hello ? ally bank. no nonsense. just people sense.
9:51 am
9:52 am
>> and see, i never thought it
9:53 am
was a good idea for attorneys to be president anyway because it-- yeah. i think, i think attorneys are so busy, you know, they're always taught to argue everything and weigh everything and weigh both sides and they're always, you know -- they're always devil's advocating this and bifurcating this and bifurcating that and all of this stuff, but i think it's maybe time, what do you think, for maybe a business man, how about that? that? >> at that was clint eastwood's presentation last night and part of it there you saw, he was talking to an empty chair theoretically interviewing president obama. many of you loved it. thought he spoke from his heart, not from the teleprompter and like a regular politician. frankly, monica and charles i thought he rambled a little bit
9:54 am
there and a little bizarre. yes, it was bizarre and yes, he did ramble, but that's what lent it its charm. i thought this was ingenious. stuart: really? you think it was? >> first of all, very tough to attack clint eastwood because he's an american icon, kind of immune to real criticism and secondly i thought what he represented was your average independent voter, who may have voted for obama or at least willing to give him the benefit of the doubt over the last three and a half years, but has now fallen out of love with him. and sort of the struggle of life, wash, i really wanted to like this guy and wanted him to do better, but he really has failed. charles: i agree 100%. though you could argue it's bizarre we're talking about it this morning and people will be talking about it for years. imagine his resume'. stuart: not romney, it's a distraction, not talking about romney, we're talking about clint eastwood. charles: romney did his thing. clint eastwood to monica's point
9:55 am
took his jabs here and there and it was unique and never seen anything like this. >> i'll tell you about it, everybody is paying attention and even people who tune out politicians or may have tuned out the convention or had it in the background and weren't listening, this grabbed their attention, for better, for worse got them focused. stuart: here what is i saw the political elite were all over this and did not like it, thought it was bizarre, rambling and a distraction from romney. and everybody else, the man ott street, those i've spoken to and spoken to a few this morning, loved it. got the job done is what they said. chris: here is why it's important, what's happening now the hartland strategy by romney and ryan, and this isn't about i think with california and new york, they're never going to do that, it's not about winning over the elites, it's about winning over middle america. charles: welcome back monica. >> thank you, sir. stuart: all right, new at 10, what investors have been waiting for, ben bernanke about to make his long awaited speech from jackson hole, wyoming, we know what he's going to say and we
9:56 am
will tell you all about it sharp 10:00 precisely you will know, new at 10 a major cheating scandal at harvard of all places and wait until you hear the name of the course where the cheating happened. you cannot make this stuff up.
9:57 am
9:58 am
9:59 am
10:00 am
stuart: that is the man of the hour. ben bernanke about to speak in jackson hole, wyoming. we already know what he is going to say. we will tell you let:00 precisely so you do not have to sit through a boring speech. it is five seconds away. peter barnes right now. tell me. has been moved closer to printing more money? peter: no specific policy announcement on that front but he definitely appears to tee it up yet again with a lot of concerns about the weak jobs market. here is the quote we have seen over and over again. yet again the federal reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement of labour market conditions in context of price stability. the economic situation is far from satisfactory. improvement in the jobs market
10:01 am
has been painfully slow and stagnation is a grave concern. stuart: this was not a major announcement where he says yes, i am going to print. he said nothing like that at all. he simply keep up the possibility he will think about it in the future. >> exactly right. he reviews all the things they have done including printing more money and talks about whether they have been affected. he thinks they have. the next meeting is september 12th. we will wait and see. stuart: right there with the news shark at 10:00. before this news was released the dow jones industrial average was up 97 points. precisely at 10:00 a gain of 97. we are up 80 points. we have not seen that much difference on the market by the comments from ben bernanke which we know exactly what he is about to say. he did not say yes we are going
10:02 am
to print. he said we might print in the future depending upon the situation. the rally is losing steam. we were up 97 and now we are up 69.7 points. you don't have the same strength we had literally two minutes ago. we are up 70 points. that is where we are. up for the dow. the market is trying to make up its mind. doesn't like what he had to say. earlier today we had facebook shares hitting another low. >> we did hit another low. $18.23 down 4%. i am seeing at least two price targets from bank of america and merrill lynch giving facebook $23 price target but they are citing looming lockup expiration periods as being catalysts for selling stock and in the next big one, 40% more shares by november 14th. it is not looking good in the near future looking at those
10:03 am
comments. stuart: chopped in half and that is where we are. thank you very much. let's go to the market real fast. dow industrials are up 76 points. kind of a holding pattern to read through ben bernanke's comments. what is he saying? there's a fine art to reading between the lines of ben bernanke. mitt romney is the official gop nominee for president. last night he went after what some have called president obama's war on success. >> consider the president's entire reelection campaign is attacking success. is it any wonder someone who attacks success has led the worst economic recovery since the great depression? [applause] >> in america we celebrate success. we don't apologize for success.
10:04 am
stuart: a pretty clear message. do not punish success. however there is an equally clear message from democrats. you did well. pay your fair share because we helped you do it. isn't that true? >> that will be the message next week when they convene in charlotte. mitt romney did the effect of thing. he laid out a very clear choice between wealth redistribution class warfare and stated some of president obama versus the message of freedom in all its forms of governor romney and paul ryan especially economic freedom. he spoke of american exceptionalism and that reinforce the message when it was by marco rubio or governor romney. the third effective thing he did was personalize his message. he said i won't give you with the notions of hope and change. i will help you and your family. charles: he give us a number.
10:05 am
twelve million jobs. they probably should have twelve million all over the place. net loss jobs since president obama has been in office you look at the reagan recovery. just a jobs bonanza. twelve million jobs. at an end of the day it is one thing to be a little envious but to say we want an economic policy based on what someone else has in their pocket rather than what is in my pocket won't give me any job skills if we take all of bill gates's money. stuart: paul ryan hit it out of the park and mitt romney probably did not. would you agree? >> i disagree. from mitt romney he knocked it out of the park. charles: i disagree with you 1,000%. i think that was the best speech mitt romney could have given. [talking over each other] >> chris christie kind of bombastic speech. what mitt romney gave was presidential -- [talking over each other] charles: this morning next door to the food place buying food,
10:06 am
be one of hispanic descent said did you watch the speech? i am going to go with romney. before last night she was going to go with obama. she told me i like him and that was the goal of the speech. stuart: check the big board. before we go on we are up 50 points. we lost half a rally after everybody found out ben is not going to print a ton of money in the immediate future. let's get more on mitt romney's acceptance speech. dan henning areas here from the wall street journal. listen to this from last night when the governor tried to personalize his image. >> those worsen the were bearish weren't the easiest of days. long hours and weekends working. five young sons who had a need to reenact a different world war every night. but if you ask and and i what we would give to break up just one more fight between the boys or wake up in the morning and
10:07 am
discover a pile of kids asleep in the room, every mom and dad knows the answer to that. stuart: he got almost teary eyed bear and your point is you wanted him to be more personal. the man to america. you think he did it? >> i think he did. what i said is i wanted him to reestablish the relationship between people who loan businesses and people they want to hire. what is the dynamic that causes that happen? that is the core of the american economic idea. i am not so sure he accomplished that. i agree with you. i don't think he hit it out of a park. he got to first or second base. he did not hurt himself. mitt romney -- you watch clint eastwood and you watch marco rubio and c two people with natural charisma. mitt romney simply does not have natural charisma and he is never going to have it. stuart: that is a performance element. >> nothing you can do to
10:08 am
generate more charisma in front of a television camera and he is doing. he is deciding that rather than talk about unemployment rate, hear the phrase economic growth or refer to a% unemployment for three years, you are not talking about a set of policies. he has decided there are undecided voters that 90% think they know what they're going to do and they decided to make a visceral appeal to those people. american exceptionalism and the american idea, success and so forth and policy. i am worried about it because president obama is talking about policy. a lot is government spending on education, power, energy and so forth and i guarantee will be able to go to school. those are policy ideas with you like summer not and romney is still shying away from giving any substance. stuart: he does that in the debate. he will do that in the debate
10:09 am
surely. >> it is coming down to the debate. will come down to television advertising. hundred of millions of dollars to spend money on with more substance into this and it will come down to paul ryan and we are heading for a photo finish. stuart: give us a comment on clint eastwood. >> when a man with no name endorse your candidacy hit the top. stuart: even when talking to an empty chair? >> i loved it. i would sit and watch clint eastwood talk to an empty chair any day. stuart: excellent stuff. thanks for joining us. got to take you to the dow jones industrial average for a second. it is up 30 points. it was up 97 points at the very moment when we found out about ben bernanke and whether or not he is going to print. the won't print in the immediate future. where 22. lost the rally. many of you disagree with my cake and clint eastwood's performance last night.
10:10 am
here's what you are saying on our facebook page. i didn't care for it. i thought was a distraction and bad reorganized. this is what victor says. disagree. he did great. is that dramatically correct? that was exactly his intent. an old man interviewing obama. great job. i think you are wrong on this one. social media is letting the sound bites. i didn't like it either. it was bulger. keep following us on facebook. chime in. it is a free country. back to the fed chairman's remarks. david jones is a former fed economist and chief executive officer of dms they advisers. real fast. if you look at the remarks from ben bernanke you are also saying he is not going to print in the immediate future. >> i disagree. he is paving the way for q e 3. it will be a close call at the september meeting but before the
10:11 am
end of this year we're getting q e 3. ben bernanke is worried about the labor market and deeply worried how close the recovery is going. there will be q e 3. stuart: why has the stock market gone from up 97 to 27?lal. arfor j' d4% a close call high of one 25
10:12 am
students at harvard accused of cheating. the answers were strikingly similar but the class was introduction to congress. maybe these harvard students were already experts on the subject. do we make anything of this? you didn't go to harvard. >> i went to columbia. if you are going to cheat like this everybody should vary their answers a little bit. house to -- [talking over each other] stuart: i cannot let you say if you are going to cheat. >> i am teasing. that was a joke. if the investigation shows they cheated their facing expulsion. this is a serious academic crime. stuart: the course was introduction to congress. [talking over each other] >> they should be cheating? charles: listen. it has been an embarrassment to
10:13 am
harvard. with all these university embarrassment over the last couple years it players on the notion even as higher education come to protecting their image and everyone talks about branding these days. everyone wants to brand themselves and protect the brand. harvard -- how long has this been going on? look the other way to let it go on? stuart: how long has the take home as a -- [talking over each other] >> never had that in my day. [talking over each other] stuart: my day was longer ago than my day. before my son in fifth grade or six dray would take calculated for a math test. [talking over each other] >> the stupidity of these kids whether they are at harvard or not, all this technology that protect another teacher's years, they can run for software and computer programs. before i wonder if it is implied no one -- we want everyone to get an a rather than see.
10:14 am
stuart: not good. we will have more on this later. this same story much later this hour with one of our top voices on matters of academia. that is coming up right here at 10:45. and the youth vote. who is going to get it? next the republicans making a real appeal to hispanic voters. will the dynamic speakers like senator marco rubio yesterday sway the latino vote in romney's direction? >> the slogan is the word for word. forward. a government that spends $1 trillion more than it takes in. and $800 billion stimulus that created more debt than jobs with government intervention into health care paid for with higher taxes and cuts to medicare, scores of new rules and regulations. these don't move us forward. these ideas move as backward. everyone has goals.
10:15 am
take the steps to reach yours, with us with real advice, for real goals. the us bank wealth management advisor can help you. every step of the way. from big steps, to little steps. since 1863 we've helped guide our clients, so they can take the steps to help grow, preserve, and pass along their wealth. so their footsteps can help the next generation find their own path. all of us serving you. us bank
10:16 am
stuart: markets may not have been enthusiastic about what ben bernanke had to say. he is at a conference in jackson hole, wyoming. peter barnes brought us his comments. the fed will keep his policy in place designed to boost the economy. whig factory when the fed will print money.
10:17 am
former fed economist david jones says ben bernanke will be printing money later this year. the dow is back up a little bit. we are up 97 when ben's comments were made public we dropped to gain of 27 and now we are up 51. maybe the market was listening to david jones. we are back in 90 seconds with a look at the republicans's effort to appeal to latino voters. remember president obama won a huge majority among the hispanic vote last time around. you probably still have a majority this time around but maybe not as big. hey! did you know that honey nut cheerios
10:18 am
has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy.
10:19 am
stuart: more reaction and a romney bounce from this week's convention. according to the resin used in tracking poll of 11 key swing states mitt romney and president obama are tied 45 apiece. yesterday president obama had a 3 point lead and had been leading all week until now. president obama got 67% of the latino vote in the 2008 election and the romney campaign is taking note. wednesday republicans called on new mexico's governor to try to rally the hispanic voting block. last night florida senator marco rubio introduced mitt romney by going directly at president obama's record as president. listen to this. >> our problem with president obama isn't that he is a bad person. by all accounts he is a good husband and a good father and thanks to lots of practice a good golfer.
10:20 am
our problem is not that he is a bad person. our problem is that he is a bad president. stuart: jennifer, executive director at the hispanic leadership network leader janelle joins us from d.c.. republicans put on a full-court press to attract the latino vote. i wonder if you could tell me if there's any real evidence that it worked? that president obama will not get 67% of the vote this time as he did last time? i am coming to you for hard evidence. >> thank you for having me. it is -- i was in tampa. i had governor martinez and governor sandoval and marco rubio and the next u.s. senator ted cruise, a lot of hispanics are conservative and release support mitt romney over the last three venues and a good thing about that is they are
10:21 am
conservative and happen to the hispanic. they identify with where they came from. the story of a little girl from a border town becoming the governor. then she says only in america and said it in spanish. they are speaking -- stuart: we all heard it. i want some hard evidence. did it work? can you show me any poll of latino votes that shows a swing away from president obama towards mitt romney? >> you will see that in the next coming week. the hispanic community is starting to pay attention like the rest of america on where this election is going. this is one of the first introductions to mitt romney and those that support him and you will see the rest of his team. stuart: i got to put it to you right now the hispanic vote is being attracted to president obama because he essentially issued an amnesty for illegals
10:22 am
who came here under the age of 16. that is a very attractive prospect for many hispanic voters and president obama is winning the vote on the basis of immigration. mitt romney has yet on the basis of jobs. >> jobs and the economy. the number one issue and immigration in sports. hispanics are looking at -- keep the job to feed their children. and promise us so much in 2008. eleven% hispanic unemployment. what happened to the guy voted for in 2008. they're the window of
10:23 am
opportunity for conservatives. >> when the polls come in. i want to see hard evidence where the hispanic vote is going. thanks a lot. see you again soon. take a look at this. stuart: a $60 million football stadium. maybe that price sounds right to you or a mill low but get this. it is for a high school football team. should we be outraged by this? want to try to crack it? yeah, that's the way to do it!
10:24 am
now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you. it's how we help you choose the right humana medicare plan for you. because when your medicare is taken care of, you can spend more time sharing your passions. wow.
10:25 am
[ giggles ] [ male announcer ] with the people who matter most. i love you grandpa! i love you grandma! now you're a real fisherman. [ male announcer ] humana.
10:26 am
10:27 am
>> i was looking for charles payne. we listen when you talk and giving us good information. thanks for what you do. >> you have a question? >> why don't you come with us? are you scared of the aircraft carrier? i know you are in the air force. stuart: they love charles payne in the middle east. the uss enterprise in the north arabian sea and melissa frances was there with him and he wanted to say hello to you. charles: --
10:28 am
stuart: afraid of aircraft carriers? charles: i would love to go. i am going to try. i didn't know anything about that. stuart: when you are curing that. we really did surprise you. congratulations. they know you. to the big board. look at this. the dow is up 118 points. at the top of the hour 28 minutes ago ben bernanke's thoughts were made public. at first it looked like he was not going to print money at least in the immediate future. and we got a reworking of what he had to say and now david jones, a fed economist said 15 minutes ago he is going to print and by the end of the year he will be printing money and stimulating the economy. dow jones average back up again. we are now almost 120 points. the price of gold. any movement? after this movement on stocks? we are $10 higher at 1667.
10:29 am
the price of oil is up as well. the theory is if ben prince the dollar goes down. tangible commodities go up and that is happening. the price of crude is up $1.21. gas prices move slowly higher. than national average of $3.82. diesel went up to it $4.90 a gallon. the truck and engine co. navistar a big winner today. why is that? >> they have to pay a fine for every engine may produce that does not meet diesel engine exhaust standards. $3,800 is not as much as they expected. is a little bit more manageable for them which is why the stock is up. it is down 43% for the year but they report next thursday. stuart: a fine of $3,000 for every engine they produce that
10:30 am
doesn't meet epa emission standards. 3,800 for everything the land and stock still goes up. that is interesting. nicole: like the wall street game. you beat like expectations. stuart: thank you very much indeed. --- high school football star is in many towns across the country. and alan, texas the eagles will play on a new $60 million football field. it has a 38 foot wide video board and an upper deck and can seek 18,000 people. should we be spending $60 million in football crazy texas? our producer rightly says we are not paying this. that was financed by the oil and gas industry. >> the money came from the private sector. don't have a problem with it. the community wanted it. if they needed it there was a need for this and like we say in the south and especially texas football is a religion. in a way this is a secular
10:31 am
church. stuart: why doesn't president obama say you got to spread that wealth around? there are more school districts over there. >> the day is young. he just might be for the day is over. charles: oil companies pay more in taxes -- they pay a huge tax rate which is why they get benefits the president called a tax check but the point is this is what america is. stuart: one of the things i love about america. you go to a high school football game on friday night i don't care how many people are there or what you paid. is a wonderful thing. i love it. charles: family gathering, all the things mitt romney talked about. things that have america falling apart beyond the unemployment rate and all that stuff. the fabric of this country is unwinding and for apart and that is what we talked about and need to understand. that is what every ethnicity and every race and every religion,
10:32 am
family and community. stuart: i never thought we would see such agreement on this table even on friday morning. >> that brings americans together. stuart: scranton, pennsylvania the latest city facing a financial emergency. they need a loan to pay city workers. what will it take to fix cities like scranton? our former -- foremost authority on municipal debt in america is next.
10:33 am
10:34 am
10:35 am
10:36 am
stuart: back to ben bernanke's speech. with keith j. m. institutional service. oil is up and gold is up and ten year treasury yield is down and stock is up 105 points. the interpretation of the speech as to be he is going to print by the end of the year. is that correct? >> that is part of a reason. there's a lot of expectation on the ecb that they will come up with something big. any disappointment will send a market down. it is overdone. it is important to remember we have three fed governors and two this morning saying they are not so sure about further easing and earlier in the weeks at the same thing.
10:37 am
i don't think this easing is a certainty. stuart: you think europeans printing a ton of money is written in stone. that is going to happen. >> i am not so sure about that. the market seems to think that but they throw a monkey wrench in. the headline are bigger and when it is down to the details we have to see whether it works out. it is important to remember, the economy has been doing better lately and we're doing it without europe and china. not that we don't need them but we are able to get along. should they come back and should the economy pick a better? we are good on our own and ask what is important. stuart: interesting. news for scranton, pennsylvania.
10:38 am
city employees got paid today. the city had to borrow $6 million to cover payroll. joining us is the author of shakedown. scranton get $6 million. the people get paid. surely that town is technically in all but name bankrupt. >> they are insolvent and the reason they got this loan is the stated valueing them. the difference between whether cities in bankruptcy or not is whether the state will back or not in california they are not backing them and letting them go. in pennsylvania they have distressed programs and same with harrisburg but they haven't come up with a financial plan yet that is going to give them a sustainable budget over time. stuart: the basic problem pay for employees and what they have been promised? >> that is essentially basically their expenditures based on those contracts are out of whack
10:39 am
with actual tax revenues. they have a financial plan talking about raising taxes. the kind of taxes they can't raise without the state accruing them with sales tax and income tax which is not what you usually do. one way or another people of scranton have to pay more money in taxes. stuart: they borrow $600 million -- that is union -- they got to pay that back in december. >> getting a loan from the state to pay that back. [talking over each other] stuart: the state has to bail them out. >> giving the money for it. stuart: if it happens in other pennsylvania towns and cities -- >> happens in harrisburg about 20 pennsylvania towns were part of this. stuart: they can't afford these bailout of towns and cities across the state. the state can't do it. end game. where is it. >> one end game is not all the cities that are distressed or in
10:40 am
quite the shape that scranton is. it allows them to do things that don't have to be subjected to binding arbitration that helps to make things work. not every city is on the press of this right now but if this downturn continues if we don't get an economic turnaround you will see other states including california and illinois which so many municipalities are in trouble can't help the mall. stuart: that clears it up. we need growth. could this be? a cheating scandal? at harvard? in a class about government of all things? our foremost authority on college is next. ♪ [ male announcer ] let's level the playing field.
10:41 am
take the privileged investing tools of wall street and make them simple, intuitive, and available to all. distill all that data. make information instinctual, visual. introducing trade architect, td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. trade commission-free for 60 days, one is for a clean, wedomestic energy future that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now.
10:42 am
less expensive option than a traditional lawyer? at legalzoom you get personalized services for your family and your business that's 100% guaranteed. so go to legalzoom.com today for personalized, affordable legal protection. stuart: let me put it like this. the markets are trying to figure out ben bernanke. dow jones industrial average is up 90 points. with ben bernanke's comments coming out the dow fell from a gain of 100 to 30. now back again. at first glance ben bernanke didn't say he was going to print more money but maybe everyone was listening to our interview
10:43 am
with david jones who said the fed will print more money before the end of the year. look at gold. as low as $16.49. now is $16.70. look at oil. straight up this morning. gain of $1.13. gas prices continue to inch higher. than national average is $3.82 for regular. facebook hitting another new low. it is less than half of its $30 ipo price. 90 seconds. the young and their vote. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day.
10:44 am
people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking advair. if you're still having difficulty breathing, ask your doctor if including advair could help improve your lung function. get your first full prescription free and save on refills at advaircopd.com. ♪ i can do anything ♪ i can do anything today ♪ i cano anywhere ♪ i can go anywhere today ♪ la la lla la la la [ male announcer ] dow solutions help millions of people by helping to make gluten free bread that doesn't taste gluten free. together, the elements of science and the human element can solve anything solutionism. the new optimis
10:45 am
stuart: instead of avoiding his record on business mitt romney is embracing it. here's another sound bite from his acceptance speech last night. >> we started with ten people. has grown into a great american success story. some of the companies we helped start our names you know if you heard from tonight. and office company called staples where i am pleased to see the obama campaign has been shopping. stuart: the obama campaign will try to demonize romney for being a fat cat capitalists to coin a phrase. >> it is not going to work. it has limited traction because to this point team romney wasn't answering these charges but one of the big arguments they made last night was making the moral case for capitalism. making the moral case for free enterprise and the free market.
10:46 am
somebody did it. stuart: the moral case for free market capitalism. >> started to do it last night. charles: i took all the companies and locations in chicago and chicago created 20,000 jobs. is applying numbers to this these are american domestic jobs and this is what it is about. stuart: good to see the man embraces the success and suggest that is why i should be president. >> that is what he wants for every american. i am wealthy and prosperous and that is the beauty of america and i wanted for everyone in this country. stuart: try this fair size. a massive cheating scandal at harvard. joining me is naomi shaffer riley, author of the faculty lounges. you are a harvard graduate. now we have 125 students accused or suspected of cheating on a
10:47 am
cake, exam. >> that is a shocking number. my first reaction to this was do you have any idea how much effort harvard puts into picking its freshman class, to let 125 kids who don't have the ethical standards to cheat on a take, exam is amazing. we should have kids submit their sats for is. why bother with essays about what a wonderful person you are. stuart: a take home as a as asking for trouble. >> i don't think so. students are asked to write papers all the time. consider this a paper with a time limit. it is a problem -- there's an amazing level of stupidity. how do you get 125 students turning in the same answers? the person selling the answers -- charles: they do this bidding process, intelligent kids. did they do it because they thought they would get away with
10:48 am
it? they thought the university would be ok with it? >> i think they thought they would get away with it. they had a big cheating scandal at one of the top icicles in the country. 75 kids were accused of cheating. these were the smartest kid in the country. what were they thinking? we -- every time someone sheets, a politician involved in a cheating scandal we ask ourselves what where they thinking? how did they think they would get away with it? you can ask this over and over again but you need to be picking different kids to get into harvard and these kids should be kicked out. 145 kids are awaiting a list -- stuart: another thing. you are an expert on youth and the youth vote. why is a majority of the youth vote going to vote for president obama? obamacare alone is costing students a lot of money because
10:49 am
the pass along costs -- >> all liberal policies cost students a lot of money and a lot of money now -- [talking over each other] >> i think there's a case to be made for raising the voting age. stuart: not serious. >> i am. there's a problem where people who are 18 years old simply do not have a stake in society. it is not any fault of their own. they are not married and don't have kids and won't be married and have kids for another ten years. they are living off of their parents dime. don't have to pay their own income taxes. why are we letting them make of this decision? i would be happy to raise the voting age to 21. stuart: would you lower the drinking age kid to 18? >> happy to switch the drinking age and the voting age any day. stuart: when you gave me some figures during the break. last time president obama got
10:50 am
61%. >> 18 to 28 and mitt romney is scoring 41% of the youth vote and largely a function of the economy. stuart: modest swing. >> paul ryan was saying these kids are graduating college and having to move back into their parents' basement because they can't get jobs. stuart: almost out of time but we will remember this. raising the voting age to 21. putting the cat among the hinges. thank you very much. to my take on what to expect next week in the democrat national convention. that is next. [ female announcer ] they can be enlightening.
10:51 am
hey, bro. or engaging. conversations help us learn and grow. at wells fargo, we believe you can never underestimate the power of a conversation. it's this exchange of ideas that helps you move ahead with confidence. so when the conversation turns toour financial goals...
10:52 am
turn to us. if you need anything else, let me know. wells fargo. together we'll go far.
10:53 am
10:54 am
stuart: thank you. great response to our convention coverage. we heard you loud and clear. here is my take on next week when the democrats meet in charlotte. will be a sharp contrast to what we just saw in tampa. the perfect counterpart and set the stage by stark choice election. look at the democrats speakers. vice president joe biden surprisingly will speak right before mr. obama. a long series of gaffes. why play him right before the main event? can't understand that. joe biden, paul ryan.
10:55 am
imagine a wider gap. earlier in the convention democrats will give a starring role to elizabeth warren, there senate for a candidate in massachusetts. she serve the president down his you didn't bill that road and got her job at harvard by claiming without proof to have minority status. then there is sandra flew to. this is the young lady who demands free birth control for all women. am i waging a war on women if i don't want to pay? debts forget bill clinton. he may be the star of the entire show except that he is speaking just as the giants play the cowboys in the nfl season opener. let's get away for a wonderful labor day weekend. think what wonders will unfold next week. we will be there and so will you. you are going down there. >> watching democrats but you are right to say the choice could not be more stark.
10:56 am
the obama nanny state and wealth distribution self warfare and abortion extravaganza. head of planned parenthood vs. what team romney is advocating which is freedom in all its forms. stuart: the convention set the stage for a lively debate going into the election with a clear choice. they very different from each other. charles: women, minorities, we will see. the beauty is we have a distinct choice. no confusion at this point. stuart: the highlight reel. no confusion there, is next.
10:57 am
10:58 am
stuart: the friday morning highlight reel. here it is: >> absolutely is a window of opportunity for conservatives to make their appeal and i think they started that this week. >> there's nothing you can do to generate more charisma in front of a television camera than he is doing. >> everybody is paying
10:59 am
attention. >> i think we're heading for a photo finish. >> i want to talk next week, okay, the democrats kick their thing off on tuesday in charlotte i think it is. i say bill clinton will be the star next week. >> absolutely. in spite of the fact a sitting president will be accepting a nomination once again for president, it will be the former president bill clinton because you know that clinton's peach -- clinton's speech is going to be all about clinton. it will be about clinton and hillary 2016. stuart: why would you have vice president joe biden teeing up the president on the last night? charles: he can do all the unpresidential things that the president cannot do. you talk about fear tactics. he's going to come out and almost say these guys want to put you in chains -- stuart: he will not say that. charles: i say he will. he's going to go into a territory that president obama cannot go. stuart: are you on the show next friday morning? charles:

47 Views

info Stream Only

Uploaded by TV Archive on